Several weeks ago I wrote a post detailing the potential that exists for digital coupon promotions during the highly profitable back-to-school shopping season. This past week I came across a very well done research brief from The Center for Media Research that enumerates some helpful statistics which reinforce the points I made.
In 2013, back-to-school spending is estimated to reach $26.7 billion. Combine that with estimated back-to-college spending, and the number jumps to $72.5 billion.
The incredible potential revenue in this season is no secret to CPG companies and retailers. Consumers are going to spend for back-to-school, but in this economic climate they are doing more than ever to get the most bang for their buck. According to Pam Goodfellow, the Director of Proper Consumer Insights, parents this year will “comparison shop online and around town… even more than once… to find bargains and… the best value”. To highlight the consumers’ willingness to hunt for the best price, the brief states that in addition to going to the same back-to-school store they did last year:
- 61.7% will shop at department stores, up from 59.9% last year and the highest in the survey’s history. Additionally,
- 51.5% will shop at a clothing store,
- 40.6% will shop at an office supply store,
- 37.3% will shop online and
- 25.9% will shop at an electronics store
- 19.6% will hit their local drug store
- 13.7% will look for goods at thrift/resale stores
These data demonstrate clearly that every outlet, retailer and brand will need to do everything it can to show potential customer that it has more to offer than its competitors.
The data also hint at the potential in coupon promotion for the season. A well-crafted coupon can not only drive the sale of a specific product, but also bring the consumer into the store, where they can be exposed to more of what the brand has to offer, increasing sales of related products. In addition, a coupon can generate improved brand awareness and, if it’s supported by the right software, can track purchases and gather useful information about a customer base. This information would be especially invaluable as the brand plans for next year’s back-to-school frenzy.
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